Britannia share price rises post Q3; Nomura, MOFSL, Emkay see more upside

Britannia Industries shares rise after Q3FY26 earnings beat with strong margin expansion. Nomura raises target to ₹7,275; MOFSL, JM Financial, ICICI Securities remain bullish on stock

Britannia Industries’ share price gained on the National Stock Exchange (NSE) on Thursday, February 12, 2026, even as the overall market sentiment remained tepid.

 

The stock of the consumer staples’ company rose 1.3 per cent in the intraday trade, hitting a high of ₹6,099.5 per share on the NSE, after the company surprised the Street with margin expansion and volume growth during the December quarter results of the current financial year (Q3FY26).

 

At 10:32 AM, Britannia Industries shares were trading 0.8 per cent higher at ₹6,068.5 per share as against a 0.33-per cent dip in the benchmark Nifty50 index. The stock was the top gainer on the Nifty FMCG index.

 

 

A total of 0.13 million shares, worth ₹82.94 crore, have, so far, changed hands on the counter.

 

Britannia Industries Q3 results highlights

• Britannia Industries reported a consolidated net revenue growth of 9.5 per cent year-on-year (Y-o-Y) in Q3FY26 at ₹4,880 crore. 
• Though GST-led trade disruptions weighed on performance in October, the management said demand normalised in November and December. 
• The company saw 12 per cent sales growth in Nov–Dec, supported by healthy volume growth. 
• Consolidated gross margin expanded 450 basis points Y-o-Y and 160bps Q-o-Q to 43.3 per cent, while Ebitda margin expanded 230bps Y-o-Y and 100bps Q-o-Q to 20.7 per cent. 
• The company’s Ebitda increased 22 per cent Y-o-Y to ₹1,030 crore, and adjusted net profit grew 23 per cent Y-o-Y to ₹72 crore.

 

Britannia Industries rejigs top management

Rakshit Hargave has taken charge as the new MD and CEO from December 15, 2025. Abhishek Sinha has been elevated to Chief Sales Transformation Officer, and Subhashis Basu to Chief Business Officer – Dairy (effective Dec 2025).

 

Puneet Das has been appointed as Chief Marketing Officer, and Siddharth Gupta has been elevated to VP – Marketing (effective Feb 2026).

 

Britannia Industries share price outlook: Brokerages bullish

 

Nomura | Buy | Share price target raised to ₹7,275 (from ₹7,000)

Britannia Industries’ management highlighted that the post-GST rate rationalisation, price parity across players has still not come as some national players remain at the ₹4.5 and ₹9 price points.

 

This, it said, incentivises retailers and adds pressure to volumes of players that have moved back to ₹5 and ₹10 price points (65 per cent of Britannia’s portfolio in the bracket) with higher grammage. The company, however, noted that the remaining players might transition to price parity in Q4.

 

Given this, Nomura sees Britannia’s volume growth improving to high-single-digit levels in Q4FY26.

 

“We lift FY26, FY27F, and FY28 EPS estimates by 3.5 per cent, 1.5 per cent, and 1 per cent, respectively, to factor in the Q3 beat and a better outlook. We forecast an EPS CAGR of 11 per cent over FY26-28F. Key downside risks to watch include lower-than-expected volumes/margins,” it said.

 

Motilal Oswal Financial Services  | Buy | Target maintained at ₹7,150

MOFSL noted that Britannia Industries remains focused on strengthening distribution and brand equity to counter competition. It expects the earnings growth trend to improve going forward, given improving macro drivers for consumption, continued focus on distribution expansion, product innovation serving as a key impetus, continued investment in brands, as well as the appointment of the new CMO, and stable key raw material costs.

 

It has raised EPS estimates by 2-3 per cent for FY26-28 and models a 12 per cent and 14 per cent revenue and PAT CAGR for the period.

 

JM Financial Institutional Securities | Buy | Target price raised to ₹7,000 (from ₹6,995)

With pricing in LUPs stabilising for industry, revenue trajectory should gradually improve going ahead. This, along with stable to benign input costs, could allow higher brand investments as well as help sustain high teen margins.

 

JM Financial said pace of acceleration in volume growth and impact of likely reduction in fiscal incentive will be key monitorables ahead.

 

Emkay Global Financial Services | Add | Maintains target of ₹6,650

While the management is still working on its medium-to-long term plans, it is currently focusing on enhancing prospects in adjacencies and leveraging the e-commerce channel. This, Emkay said, will help its performance ahead, which would be key for growth and in turn stock valuations.

 

ICICI Securities | Add | Share price target raised to ₹6,800

Britannia Industries said that adjacent categories such as cake, rusk, wafers, and croissants witnessed double-digit sales growth in Q3FY26, aided by strong growth in indulgence and impulse categories.

 

E-commerce channel’s contribution to these adjacent businesses is ~3x of biscuits. In the dairy segment, cheese saw marginal growth; however, growth in ghee, milk drinks, dairy whitener was better.

 

Thus, the management aims to drive growth in the adjacent businesses through higher investments behind brands, focus on online channels and competitive pricing.

 

“The appointment of a new Chief Marketing Officer would sharpen focus on brands, which were earlier managed as separate verticals. We raise our EPS estimate for FY26 by ~4 per cent to reflect better margins, but broadly maintain our EPS estimates FY27–28,” the brokerage said.

 

It expects revenue, Ebitda, and PAT CAGRs of 9 per cent, 12 per cent, and 12 per cent, respectively, over FY25–28.

 

Key downside risk, it said, is volatility in raw material prices; and higher-than-expected competition from regional players.